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CHAPTER 230, REGULATION Z-1
In 1981, the Office of Consumer Credit Regulation adopted the federal Truth-in-Lending regulations by reference to implement Article VII (now repealed) of the Maine Consumer Credit Code. The rule was re-promulgated several times as Chapter 240 (Regulation Z-2) but the original rule was not repealed. Chapter 230 is now repealed.
Title 9-A M.R.S.A. §6-104 permits the Administrator to adopt, amend, and repeal rules to carry out the specific provisions of the Consumer Credit Code.
Title 9-A M.R.S.A. §6-103 and 1-301(2) state that except in cases in which a supervised financial organization is the creditor, the Administrator is the Director of the Office of Consumer Credit Regulation. In cases in which the creditor is a supervised financial organization, the Administrator is the Superintendent of Financial Institutions.
Title 9-A M.R.S.A. §6-105 states that with respect to supervised financial organizations, all powers of the Administrator under Title 9-A must be exercised by the Superintendent of the Bureau of Financial Institutions.
Title 9-B M.R.S.A. §215 permits the Superintendent of the Bureau of Financial Institutions to implement rules relating to the supervision of financial institutions or their subsidiaries or financial institution holding companies or their subsidiaries.
This rule does not have a separate Bureau of Financial Institutions chapter number. The chapter is applicable to supervised financial organizations under 9-A M.R.S.A. § 6-104(6) The Bureau of Financial Institutions joins in this rulemaking to make clear that the repeal of the Office of Consumer Credit Regulation Chapter 230 applies to supervised financial organizations. Pursuant to §6-104(6), "unless…modified by the Superintendent of Financial Institutions," a rule as adopted by the Office of Consumer Credit Regulation will remain applicable to supervised financial organizations.
The original rule (Regulation Z-1) should have been repealed and replaced by Chapter 240 (Regulation Z-2). To avoid confusion as to which rule applies, Chapter 230 (Regulation Z-1) is repealed.
III. GENERAL PROVISIONS
Chapter 230 of the Rules of the Maine Office of Consumer Credit Regulation is repealed.
IV. EFFECTIVE DATE:
Last Updated: October 21, 2010
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